Petronas renews Wan Zulkiflee’s contract


Tan Sri Wan Zulkiflee Wan Ariffin’s (picture) contract as Petroliam Nasional Bhd (Petronas) president and group CEO has been renewed for three years, effective April 1, 2018.

In a statement, the Prime Minister’s Office said Wan Zulkiflee has a wealth of experience in the country’s oil and gas industry, and has been serving the company for more than three decades.

“His experience and success in leading Petronas to overcome a number of challenges over the past few years will ensure the organisation continues with its exceptional performance, while contributing to the prosperity of the country,” it added. Wan Zulkiflee was first elected to the posts on April 1, 2015, according to Bernama.

Petronas is expected to record significantly higher profits for 2017, boosted by higher crude oil prices, but overall industry’s spending on reactivating old wells will not see immediate recovery.

The state-owned oil company has been enjoying the best period since 2014 as crude prices rise above the US$70 (RM280) level, prices last seen more than three years ago.

Petronas, which is expected to release its full-year result this month, will make less provisions, subsequently boosting its earnings.

For the first nine months of 2017, the energy firm recorded RM41 billion in net profit, almost double the RM23.5 billion in earnings recorded in the whole of 2016.